Millionaire Challenge

Broken_Biscuits

still waiting to hear back about the interview so finding it hard to make any concrete plans. 2 more months until the redundancy kicks in so no panic yet.


set myself a target of saving 600 a month which is more than i have been saving
.. And actually came in at 615 for this month. Had a few bits and pieces to buy so pleasantly surprised!


stumbled across a new ( to me) website, mrmoneymustache.com. the theme there is more about financial independence rather than making a million. They focus much more on reducing expendature than how much you save.

worth a read if you havnt already had a look.

lessonlearned

Good morning all.

I've been awol for a while but just thought I'd check in. Have to wait for a delivery of wardrobes today so a good time to potter about and catch up with things.

I have been reading Mr Moneymoustache too, definitely worth reading. I agree his early focus was on extreme saving so that he could achieve financial freedom, and of course now he does have a net worth of well over a million. I found it very interesting.

Well done on the savings BB, that's agreat start. You say you are being made redundant, is there any chance you could go,self employed doing what you do.

When my OH was made redundant, this is what he did. We used is redundancy pay as a cushion whilst he launched himself. Tbh we never looked back, it was the redundancy that gave him the chance and also the kick up the derrière that we needed.

Kay - I don't know what advice to give. Childcare is such a minefield isn't it. I suppose you could give it a trial run and see how you go' or just an idea here, rather than you missing out on time with your children might it be better to get some domestic help, ie cleaner, window cleaner etc. That way you reduce your workload but still get to enjoy your children.....

I've been very busy. Property 2 almost complete:j:j so many delays and set backs but thankfully we are almost there. I set myself a Christmas deadline, we won't quite get it all done but I would say about 95 per cent finished. The rest can wait till the new year.

Phew!!! It's been a marathon.

Cash flow,is pretty good, although we have overspent on the renovations but There you go. Will have to do better next time. Actually I've learned a heck of a lot on this one. Mistakes have been made but I shall definitely learn from them.

I'm looking forward to the New Year and continuing our journey to millionairedom.

If I don't catch up again I'll take this opportunity to wish you all a very merry Christmas. Have lots of fun and good times with your family and loved ones.

See you all soon X

Broken_Biscuits

unfortunately no. No chance of doing what i do self employed.
called back for a second interview and applied for another different job today too. still a long way off to R day and still not certain where im going to be investing my " winnings"



at least its the weekend. Can forget about trying to pimp myself out to potential employers for a couple of days until Monday!

lessonlearned

[QUOTE=Broken Biscuits;671570


at least its the weekend. Can forget about trying to pimp myself out to potential employers for a couple of days until Monday![/QUOTE]

oh that brings back memories.

My OH Was an IT consultant and got a lot of his contracts through an agency.

He always referred to them as his pimps:rotfl::rotfl:

Broken_Biscuits

it definitely feels like im selling myself. Answering any question with an answer that i know they would want to hear, rather than perhaps what i truly think on the subject. Just need to get in the door by ticking all the right boxes on their check list.. Roll on financial independence so i don't have to dress up like a performing monkey, act out roleplay scenarios and throw in idiotic buzz words to impress!!!


going back to mrmoneymustache.com. Im starting from the beginning which includes all the comments afterwards too if its a particularly interesting article. Im just into 2012 and finding it all very motivating! It seems in not far off having my own 'stash without realising it. A few tweeks here and there (particularly in the alcohol consumption area) and i feel i could bring my spending right down. Ive never been a fan of consumerism. I own very little material things. love (too much maybe?) good food and drink and good company. These things don't have to cost a fortune and so my plans for 2015 are to massively increase net wealth by concentrating more on leaked expenditure.


perhaps a little early, but would be interested to hear 2015's resolutions from posters here.

UltimateNYC

Hi everyone! Sorry I’ve been quiet recently; work has been extremely busy and has taken over my life! Haha Before I launch into how I’m doing, I just want to say what an incredibly supportive environment this thread offers to both established contributors and the newbies (like myself!). Absolutely wonderful!


I’d like to send out a massive congrats to Kayalana99 on how well your ebay business is going, and I’d like to add my support to YoungBusinessman; I’m close to your age, and can sympathise with some of the frustrations that occur in your twenties on your way to that million mark, so the vigour with which you’re chasing your plans is inspirational!



J Howard; I’m glad I could inspire, and I hope your goal setting is going well!


My saving is going as planned, which is a world first for me! As I’ve previously mentioned my mindset toward money has always been an issue, but the past month or so I’ve really noticed a change re. cutting expenditure, and fantastically, I don’t feel as if not spending as much as I used to is holding me back! It’s been a long time coming, but I’m finally seeing progress! I’m actively allocating money where it can be of most use to me in driving progress forward, be that through putting a pound or two into savings instead of into a coffee, or toward food shopping rather than eating out.



Whilst I am still trying to establish a secondary income stream, my job has taken all my time and energy the past 6 weeks, so planning hasn’t gone that well. However, little steps! At least the saving is going ok! Hopefully with the downtime from work the festive period offers I can brainstorm some ideas! I’ve been on quite a few development courses in the past three to four months (which my employer has very kindly supported me with), and the transferable learnings from them are making a huge difference both to my performance in work, and when applied to money saving!

Lessonlearned; I’ve bought the Millionaire Next Door, which was a book you recommended in one of your very first posts here, and I must say it really makes you think about how to approach the ‘millionaire’ title, and address your wants as to why you want to get there! Thanks for the tip!

lessonlearned

Glad to hear you,liked it NYC, I must admit it was one of those books then when I read it I had a real slap your forehead moment.:rotfl:

I found the book to be a real eye opener.

The concept behind it is so simple and so obvious - I guess sometimes we just don't see the wood for the trees. I think that it is so important that we take a step back every so often, to asses where we are, what progress we have made and to see if we are still on track.

It's very easy to get sidetracked. I can be guilty of being a bit of a butterfly at times, easily bored and always eager to try something new. In a way that can be a good thing because it keeps me on my toes and keeps my mind open but it also means I can be a bit impatient when things don't go to plan first time round.

I guess it's all about balance.

Broken biscuit - I totally get what you are saying about sometimes you feel that you are "selling" yourself. I think this is how a lot of us feel on here.

I often felt that I didn't really fit in at work, that I had to pretend to be something that I wasnt, and that I wore my "work" mask. It wasn't until I stumbled into working with property developers that I realised I had found my niche. I just loved my job, it paid well, and because I had complete autonomy to run the sales complex as I saw fit, it was in many ways, just like being self employed. I set my own goals, ran my own budgets, so it was just like running my own business.

Just carry on saving, sooner than you think you will have a nice little fund to launch yourself.

If I can give you one piece of advice. If you have no savings then you can feel very trapped.

Watch the cash flow, stop the leaks and save as much as you can. You can still eat, drink and be merry - it's not about wearing a hair shirt and going without - it's about planning and prioritising.

It took my youngest son a long while to see the light. One day in sheer desperation I explained it to him in these terms - this is a bit rude.......

He was feeling really cheesed off, broke and bored at work. I told him that what he needed was a "f... You" fund. :rotfl:

He was astonished because I never swear. But it did make him take notice. And.......he did start saving.

gallygirl

lessonlearned wrote: »

Glad to hear you,liked it NYC, I must admit it was one of those books then when I read it I had a real slap your forehead moment.:rotfl:

Not as much as Rich Dad, Poor Dad, and the follow-ups. Doh . Especially the bit about cutting coupons to save pennies instead of spending the time about the stock market etc. .

lessonlearned

Well I don't faff around with coupons.::rotfl:

The only ones I seem to see are for junk food, dubious ready meals and confectionary, none of which I ever eat anyway.

When I read any motivational or business books I just take from them the bits that I think apply to me.

I think the main message to be gleaned from the Millionaire Next Door
Is that no matter who how much you earn you won't get rich if you spend it all. I think it was more a critical look at American consumerism than a business book as such.

I found Rich Dad ok but didn't bother with any of the follow ups so can't comment about them.

I just recommend books if I have found them either useful in a practical sense or thought provoking. I think the Millionaire Next Door falls into the thought provoking category.

I didn't find Rich Dad particularly helpful on a practical level but that's probably just me. It did not go into enough detail for me.

I have a copy of Richard Templars, The Rules of Wealth and I find that quite helpful. I dip into it from time to time as a refresher.

It's quite a light little book but has plenty of tips and is also quite thought provoking. It isn't a get rich guide but again it does get you to question how you think about money.

I bought it for my son when I was trying to teach him to be a bit more savvy. It certainly helped him to rethink what he was doing and to start setting some goals.

When my sons spending was at it's worst, he was spending around £10 a day on nothing, just lunches, snacks. He also smoked.

He's stopped doing both, takes a packed lunch to work (much healthier) and gave up the fags (even more healthy). I reckon he's saving at least £15 a day. He can now afford to run a car, keep a cat, and indulge his hobby of keeping tropical fish which he couldn't do before. He even now has a couple of decent suits:rotfl:

He is a changed man.

From just drifting along and letting money slip through his fingers he now spends within his means and saves as much as he can so that he can one day set up his own business and become financially independent.

He's just 28 so I think he stands a good chance.

I was much older that him before I finally saw the light which is way I doubt that I will make the magic £1m but I'm nearly at my original personal goal of £300k in 10 years.

I looked back and saw that this thread started in May 2011.

From a position of being On the verge of bankruptcy I'm now 25 per cent on target to that £1m so I'm happy enough with my progress so far.

Not sure if I will make the final target of £1m because I'm now 63 but I'll give it a go.

JamesJLee

Well hats off to your commitment. In my opinion you just need to stick to it no matter whatsoever.. You just have to have that positive intent in you.. Best of Luck.